Fire Island Pines Property Owners Association Inc

“Election of members of the governing board are by association members”

“Members vote on items required by the bylaws”

“The organization uses its audit and finance committee of the board of directors to review the form 990 return. The audit and finance committee has been delegated this authority by the board of directors in its charter and terms of reference. The organization's financial staff is responsible for gathering the key components and supporting schedule information for the form 990. The organization's audit firm of independent public accountants prepares the form 990 and it goes through a review process to ensure it is completed accurately. The draft form 990 is returned to the organization where it is thoroughly reviewed. The audit and finance committee receives a copy of the draft returns for its review and comment. The full return is then presented to the board of directors for additional review and comment. After this process is completed, the organization files the informational return with the irs.”

“Conflict of interest policy of fire island pines property owners association, inc. The pines foundation, inc. Fire island pines political action committee inc. Preamble directors, officers and staff members of fire island pines property owners association, inc., the pines foundation, inc., and the fire island pines political action committee inc.(collectively known as the organizations) owe a duty of loyalty to the organizations. This duty requires that they do not use their positions, or information gained through their positions, about the organizations or its property to secure benefits for themselves; rather, they must act in the interests of the organizations and not in their personal interests. It is impossible to delineate all possible conflicts of interest and the provisions below focus on ensuring that directors, officers and staff members do not use their positions to profit economically. However, it is the policy of the organizations that none of its actions or transactions be tainted by an actual or perceived conflict of interest of any sort. A director, officer or staff member with a non-economic conflict (e.g., opposition by a directors clients to a proposed policy of the organizations) is expected to bring the conflict to the attention of the organizations (generally, the chair of the audit committee and the president) and seek guidance on the appropriate response, which generally will include refusal from decision-making on the issue giving rise to the conflict. Section 1. Definitions 1. Insider. Insiders are: all members of the boards of directors (boards) of the organizations, all officers named in the bylaws of the organizations; and all employees of the organizations 2. Family member. A family member is: (a) a spouse, life partner, domestic partner, parent, sibling or child of an insider; or (b) another relative who lives on a regular basis in the household of an insider. 3. Related entity. A related entity is a for-profit or not-for-profit enterprise in which an insider or family member has an ownership interest, from which an insider or family member receives compensation or for which an insider or family member serves as a director or officer. 4. Interest. An insider has an interest in a matter, as that term is used for purposes of this policy, if the insider, a family member or a related entity would be affected economically, whether directly or indirectly, by a decision on the matter by the board or any committee of the board (committee) of any of the organizations. For purposes of this policy, an insider shall not be deemed to have an interest in a matter to the extent that the economic impact of the decision in question would also impact other similarly situated property owners within the fire island pines community. Section 2. Disclosure 1. Upon first being elected or appointed as an insider and annually thereafter, each insider shall disclose in writing, to the best of his or her knowledge, any related entity: (a) which provides goods or services to the organizations for a fee or other compensation; or (b) receives funding, services or space from the organizations; or (c) any other interest which may pose a conflict of interest for the insider. Disclosure shall be made to the chair of the audit committee and to the president or to their designees. 2. An insider who acquires an interest which may pose a conflict of interest shall promptly disclose that interest in writing to the chair of the audit committee and to the president or to their designees. 3. When any matter in which an insider has an interest comes before the board or any committee for decision or approval, the insider shall immediately disclose the interest to the board or the committee. Section 3. Procedures to address actual or potential conflicts of interest 1. When an interest which may pose an actual or potential conflict of interest is brought to the attention of the president and chair of the audit committee, he or she shall take”

“The organization has four-person executive committee, all independent, that decide top managements compensation.”

“The organization has four-person executive committee, all independent, that decide key employees compensation.”

“No formal governing documents are available to the public but the organization does disclose its conflict of interest policy via the form 990 (see above) and the audited financial statement. These documents are available to the public on the organizations website at www.fippoa.org.”